SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS 1994 - REG 4.13 Operating standard--lending to members of an approved deposit fund
SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS 1994 - REG 4.13
Operating standard--lending to members of an approved deposit fund(1) For the purposes of subsection 32(1) of the Act, the standards stated in subregulations (2) and (3) are standards applicable to the operation of approved deposit funds.
(2) The trustee of a fund must not:
(a) lend money of the fund to:
(i) a member of the fund; or
(ii) a relative of a member of the fund; or
(b) give any other financial assistance using the resources of the fund to:
(i) a member of the fund; or
(ii) a relative of a member of the fund.
(3) The trustee of a fund must take all reasonable steps to ensure that the investment manager does not:
(a) lend money of the fund to:
(i) a member of the fund; or
(ii) a relative of a member of the fund; or
(b) give any other financial assistance using the resources of the fund to:
(i) a member of the fund; or
(ii) a relative of a member of the fund.
"member" , of a fund, includes the non - member spouse in relation to a superannuation interest in the fund that is subject to a payment split.
"relative" has the same meaning as in the Income Tax Assessment Act.